The Money Services Business Association (MSBA) is committed to bringing the latest information and trends in the money services industry. We deliver the latest updates on legislation and regulation, as well as research on cross-border payments and remittances.
This legislation represents an important opportunity for Florida to responsibly explore the potential of stablecoins and other digital financial innovations while maintaining appropriate oversight and consumer protections.
Read MoreAs it marks 10 years of industry leadership, MSBA announces a new board to guide policy, innovation, and regulatory collaboration.
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This year’s report captures a pivotal year for the MSB industry, outlining major regulatory developments, MSBA’s advocacy efforts, and our ongoing work to support innovation, compliance, and collaboration across the sector.
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From webinars to events and tracking key industry updates, it’s been a busy season. This year, the MSBA celebrates 10 years as an association—and we’re excited to share the highlights with our members and the industry from this past quarter.
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The Aspen Principles for the Future of Remittances provide a set of actionable guidelines designed to promote financial access among remittance users in the United States and beyond.
Read MoreEach quarter, the MSBA publish our INSIGHTS Quarterly Newsletter for our members and post a public version of the document as well. Enjoy our July 2025 edition!
Read MoreOn behalf of the Electronic Transactions Association (ETA), INFiN, A Financial Services Alliance (INFiN), the Money Services Business Association (MSBA), The Money Services Round Table (TMSRT), the Financial Technology Association (FTA), the American Fintech Council and the Innovative Payments Association, we strongly urge lawmakers to refrain from including any tax on remittance transfers and a related invasive citizenship verification requirement in the anticipated reconciliation bill.
Read MoreThe Court heard oral argument on May 15, 2025. ECF No. 45. Having considered the Motion, the Parties’ arguments, the law, and the evidence, the Court GRANTS Plaintiffs’ Motion.
Read MoreRemittance flows to Latin America and the Caribbean remained remarkably strong over the past decade. Despite continued growth for key industry players, early 2025 trends hinted at a possible slowdown—raising important questions about the sector's future. Kathy Tomasofsky, Executive Director of the MSBA, was thrilled to be a part of this conversation last week hosted by the Inter-American Dialogue.
The MSBA publishes our INSIGHTS Quarterly Newsletter for our Members to provide a comprehensive summary of the association's work and what has been happening within our industry. Please note that some of the links will take you to our Members Site where you will need a login to access the resources.
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The Money Services Business Association is proud to present its 2024 Annual Report. The MSBA has been hard at work guiding the industry forward through advocacy, collaboration, and education.
Read MoreThe Money Services Business Association (MSBA) has prepared this paper to express its opposition to Ohio H.B. 451 and similar state legislation that would impose taxes or surcharges on interstate or foreign remittances.
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On behalf of a broad coalition of industry and small business trade associations, non-bank licensed remittance companies, and public policy organizations, we write to urge the Ohio General Assembly not to adopt H.B. 451.
Read MoreStarting in November 2024, payment service providers (PSPs) in Canada and abroad will be required to register with the Bank of Canada. Under the Retail Payment Activities Act (RPAA) and the Retail Payment Activities Regulations (RPAR), the Bank will supervise PSPs to help encourage confidence in the safety and reliability of their services and protect users from certain risks.
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As we all know, this industry is ever-changing! Our goal is to keep our members informed on all matters directly affecting their businesses.
Read MoreThe MSBA strongly urges the Governor to veto this bill. Bill No. 35-0375 in the US Virgin Islands is an act amending title 11 Virgin Islands Code by adding chapter 3 establishing a wire transfer fee in the amount of 3% of the total amount of a money transfer and establishing the Money Laundering and Electronic Transaction Enforcement Fund.
Read MoreOn behalf of the Money Services Business Association (“MSBA”), the largest national trade association that represents licensed money services businesses, we write to stress the need for (1) clarification of certain proposed requirements to ensure alignment of interpretation among regulators and financial institutions, (2) modification of other proposed requirements to ensure a balance is struck between effectiveness and not being overly burdensome and (3) request an appropriate implementation period to allow companies time for implementation.
Read MoreThe MSBA conducted an analysis to evaluate whether money transmitters provide disclosures that allowed consumers to determine the cost of their transactions, and also to review the marketplace in the United States to determine if the marketplace is competitive in the products and pricing that consumers can use.
The full Policy Paper is linked below.
Read MoreThis paper seeks to address two questions related to the price of international remittance transfers sent by consumers in the United States. The first is whether money transmitters provide clear disclosures that allow consumers to ascertain the true cost of the transaction. The second, related question, is whether the market for international remittance transfers in the United States is competitive in the products and pricing offered to consumers.
Read MoreThe MSBA publishes our INSIGHTS Quarterly Newsletter to provide our Members with the latest happenings within the industry. Some of the resources provided in this newsletter are for our MSBA Members only.
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The New York Department of Financial Services (NYDFS) first addressed the need for financial services companies to establish cybersecurity policies and procedures in March 2017. These requirements, 23 NYCRR Part 500 (referred to as “Part 500” or “the Cybersecurity Regulation”) were recently updated to address the significant changes in the cybersecurity landscape that has occurred in the last six years.
Read MoreIn this age of digital transformation, people around the world are benefitting from technologies that can increase the accessibility, affordability and reliability of financial services. Nowhere is this more true than in the remittance industry — this $860 billion category of global payments surpasses the size of foreign direct investment and development aid, and is commonly a critical lifeline for friends and family receiving such payments.
Written by Saema Somalya and Matt Cameron from Remitly
Saema Somalya is executive vice president of legal and risk at money-transfer service Remitly Global. Matt Cameron is head of Remitly Global’s policy and regulatory affairs.
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The federal government passed the Corporate Transparency Act, requiring business owners to file a new report called the Beneficial Ownership Information Report (BOI Report). The Financial Crimes Enforcement Network (FinCEN) is behind the 2024 law, which aims to help authorities crack down on financial crimes.
Read MoreThe MSBA Elects a New Board Chair and Has Increased its Board to 14 Members for the 2024-2026 Term.
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The MSBA is proud of the work that we have accomplished in 2023. Check out the 2023 MSBA Annual Report to see more details of the work the Money Services Business Association does.
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Banks and credit unions are increasingly using new technology—known as "fintech"—for services like paying bills with mobile wallets. So it's crucial that regulators have the necessary skills to make policy for and oversee fintech.
Alan Marquard draws on the findings of Mastercard’s upcoming 2023 Borderless Payments report which has surveyed thousands of individuals and businesses to understand their views and attitudes towards making international payments.
Read MoreThis report by the Bank for International Settlements’ Committee on Payments and Market Infrastructures (CPMI) presents the CPMI’s harmonised ISO 20022 data requirements (henceforth “harmonisation requirements”) for the enhanced processing of cross-border payments.
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Endorsed and promoted by the United Nations as a platform to engage all sectors, the summit aimed at bringing together stakeholders from around the world involved in the field of remittances, diaspora investment and development.
Read MoreOn March 15, 2023, the North Dakota governor signed Senate Bill 2119 to enact the Money Transmission Modernization Act, the money transmitter model law created by industry and state experts.
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"Remittances to Low- and Middle-Income Countries (LMIC) are expected to grow by 1.4 percent to reach $656 billion in 2023, following a very strong 8 percent growth in 2022 and 10.6 percent in 2021."
Read MoreAs we prepare to celebrate the International Day of Family Remittances on June 16th, the MSBA would like to share our continued support of companies and businesses in the cross-border payments industry as they work diligently to make remittances possible worldwide. We understand the great importance of family remittances and hope that this video helps to celebrate this important day!
Read MoreMSBA applauds the Department of the Treasury for looking at and focusing on this critical topic of de-risking.
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UniTeller is pleased to announce its recent acquisition of “Oh My Card!”, a gift card payment platform that has redefined the way Central Americans build loyalty and send gifts to their loved ones.
Read MoreThe Migration, Remittances, and Development Program produced a presentation that addresses annual remittance trends; considerations about flows and factors; the continued increase of remittances associated with large migration patterns in 2022 (mostly from politically conflictive countries); US outbound remittance flows; trends since 2020; transactions and the digital landscape; as well as things to consider for 2023.
Read MoreChina’s major development fi nance institutions (DFIs), China Development Bank (CDB) and China Export-Import Bank (Eximbank), have historically accounted for the bulk of China’s overall lending to the Latin American and Caribbean (LAC) region. Based on data from the Chinese Loans to Latin America and the Caribbean Database, which is jointly produced by the Inter-American Dialogue and the Boston University Global Development Policy Center and tracks Chinese DFI fi nance to LAC governments and state-owned enterprises (SOEs), these two banks issued $136 billion to the region between 2005 and 2022, with most of that directed toward Argentina, Brazil, Ecuador, and Venezuela.
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Visa’s Money Travels: 2023 Digital Remittances Adoption Report survey of 14,000+ remittance senders and receivers across 10 countries, looks at some of the progress — and barriers — that currently exist today. The survey dives into the rates, methods, and reasons for sending and receiving these lifeline payments.
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The following list of responses to frequently asked questions may assist you in understanding what is happening at SILICON VALLEY BANK.
Read MoreFor most modern consumers, accessing a local bank is easy. Those living in major cities can simply walk to a bank branch within a few minutes, while those in suburbs are usually just a short drive away. And yet, while many people take their local banks for granted, millions of others are not so fortunate.
Though access to a local bank should be considered a basic human right in 2022, many people around the world are denied that luxury. In fact, the nearest bank may be well over an hour away. These areas are known as “banking deserts,” and they are becoming increasingly common in rural areas across America and the world at large.
Read MoreGlobal Payments – the topic is everywhere and for good reason. Statistics published by the Conference of State Banking Supervisors (CSBS) state that licensed Money Service Businesses (MSBs) conduct more than $1.8 trillion in transactions annually[1] and are an essential part of the financial services industry for banks, commercial customers, and consumers. These licensed companies are the backbone of the cross-border payments industry.
Read MoreWASHINGTON—Today, the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) took a historic step in support of U.S. government efforts to crack down on illicit finance and enhance transparency by issuing a final rule establishing a beneficial ownership information reporting requirement, pursuant to the bipartisan Corporate Transparency Act (CTA).
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DolEx Dollar Express, Inc. (“DolEx”) and Barri Financial Group (“Barri”) jointly announced today the signing of a definitive agreement under which the companies will merge to create a premier consumer financial services company. The combined company will offer its suite of services, including money transfer, check cashing and other ancillary products, to customers at thousands of retail locations across the United States.
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Anti-Money Laundering and Counter-Financing of Terrorism Compliance Program. The MSBA, The Electronic Transactions Association (ETA); INFiN, a Financial Services Alliance; and The Money Services Round Table (TMSRT) release a comprehensive template for companies that represent the full range of MSBs.
CFPB issues Spring 2022 Supervisory Highlights covering examinations completed between July 2021 and December 2021.
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The Migration, Remittances, and Development Program at the Inter-American Dialogue releases a new report on Latin American and Caribbean remittances.
Today is the 47th International Women's Day since the United Nations first marked its observance in 1975.
The purpose of the day is to promote women's empowerment and equality.
But it is also to celebrate the achievements and contributions of women, so I want to take this opportunity to thank and salute the women of the MSBA Board:
Tanya Butler, President & CEO of MEMO Financial Services, Inc.
Aurora Garza Hagan, President & CEO of PNC Global Transfers
Jani Gode, CAMS, CFCS, Chief Compliance Officer of Payoneer
Laybaa Hernandez, CAMS, CFE, COO of DolEx Dollar Express, Inc.
Nicole Ibbotson, General Counse of InComm Financial Services, Inc.
Jenna Wyer, SVP Americas, Business Development of Thunes
I am very proud of the leadership they exemplify, and thank them, one and all, for their invaluable service to the industry, and to the MSBA.
Kathy Tomasofsky
Executive Director
Read MoreDue to the rapidly evolving situation in Ukraine and Russian invasion, the New York State Department of Financial Services is issuing Guidance to all regulated individuals and entities (“regulated entities”).
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The MSBA welcomes new board-elect members for the 2022-2024 Term.
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In connection with a set of actions announced today by the Department of the Treasury and focused on disrupting criminal ransomware actors, the Financial Crimes Enforcement Network (FinCEN) has released an update to its 2020 advisory on ransomware and the use of the financial system to facilitate ransom payments. The updated advisory reflects information released by FinCEN in its recent Financial Trend Analysis discussing ransomware trends and includes information on current trends and typologies of ransomware and associated payments as well as recent examples of ransomware attacks. The updated advisory also sets out financial red flag indicators of ransomware-related illicit activity to assist financial institutions in identifying and reporting suspicious transactions associated with ransomware payments, consistent with their obligations under the Bank Secrecy Act.
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The Uniform Money Transmission Modernization Act, also known as the Money Transmitter Model Law, is a single set of nationwide standards and requirements created by industry and state experts. The law was approved in full by the CSBS Board of Directors in August 2021.
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The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued guidance that provides financial institutions with examples of effective authentication and access risk management principles and practices for customers, employees, and third parties accessing digital banking services and information systems.
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Payoneer entered the NASDAQ trading under the ticker PAYO.
Read MoreToday, June 16, 2021, we observe the Seventh Annual International Day of Family Remittances (IDFR.)
The IDFR was first established on June 16, 2015 by the International Fund for Agricultural Development (IFAD) - a UN agency that works toward ending poverty and hunger in developing countries - and in 2018, was officially adopted by the General Assembly of the UN.
This day of celebration is important to raise global awareness of the fundamental contributions made by migrant workers, to the wellbeing of their families and communities back home, and to the sustainable development of their countries of origin.
Remittances represent the largest single financial force that promotes financial inclusion and benefits the poor in developing countries. For those countries, remittances are over three times larger than all other sources of foreign aid combined.
MSBA Comment Letter in response to the Advanced Notice of Proposed Rule-making, “Beneficial Ownership Information Reporting Requirements"
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Emerging Themes and Future Role
in AML Act Implementation
Mobile money has the potential to narrow the gender gap in financial inclusion. Fintechs are uniquely positioned to help close this gap while also serving an untapped market that represents a large potential revenue source. Segmenting and targeting more female customers represent a market growth opportunity for fintechs.
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The MSBA would like to take this time during Women’s History Month to share some of the stories of the successful women of our Board of Directors.
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Do not miss this great opportunity to review your Remittance Rule Program. The Association is proud to present Eric Goldberg, Partner and Kimberly De La Cruz, Associate, from Akerman LLP to discuss the CFPB’s remittance rule, subpart B of Regulation E.
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Center for Migration and Economic Stabilization at Creative Associates International has published their report in regards to the global flow of remittances against the backdrop of the global economic downturn and the COVID-19 pandemic.
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The Money Services Business Association (MSBA) – a trade association focusing on the non-bank money services industry – elected Aurora Garza-Hagan, CEO of BBVA Transfer Services, as its new Chairperson, succeeding Paul S. Dwyer Jr., CEO of Viamericas Corp., who was elected as Vice-Chairman. The MSBA also announced the election of Erick Schneider, Senior Vice President of Intermex Wire Transfer as Treasurer, and Jani Gode, Chief Compliance Officer of Payoneer, as the MSBA’s Secretary.
Read MoreToday the members of the Payments Alliance are sharing our respective outlooks for 2021 in one place – “Highlighting the Payments Community Amid the Covid-19 Crisis.”
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The Payments Alliance which includes the Innovative Payments Association (IPA), the American Transaction and Processing Coalition (ATPC), and the Money Services Business Association (MSBA), and is a forum established at a critical time for the payments community.
Read MoreThe Department of Banking is charged with enforcing laws regarding the advertising of regulated financial services. Under the Texas Banking Act, non-banks cannot use "bank," "bank and trust," or similar terms or phrases in a manner implying to the public that the non-bank is engaged in the business of banking.
Read MoreThe Money Services Business Association greatly appreciates the opportunity to comment on the joint notice of proposed rulemaking, to the Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Networkto amend the Recordkeeping Rule 1 and the Travel Rule 2.
Read MoreThis letter is written on behalf of the members and constituents of the Money Services Business Association1 (“MSBA”) regarding Regulatory Identification Number (RIN) 1506- AB44.
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The MSBA welcomes a new member: Merle, Brown & Nakamura, P.C.
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The MSBA is excited to announce the 2020 Summer Lunch and Learn Series to present outstanding information this summer. Webinar 1 – FFIEC Manual Updates & MSBs Date: July 15, 1 – 2:00 pm ET
Read MoreDid you know that 1 in 9 people rely on money sent home from migrant workers? These funds help to alleviate poverty, improve nutrition and education, reduce child labor, and safeguard some of the poorest members of society.
Read MoreWASHINGTON—Comptroller of the Currency Joseph M. Otting today issued the following statement regarding the publication of the Federal Financial Institutions Examination Council (FFEIC) Bank Secrecy Act/Anti-Money Launder ...
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This report analyzes the role of money transfer intermediation for migrants remitting to Latin America and the Caribbean. The report begin by looking at trends related to the modernization of the payments industry, specifically as they relate to digital payments.
This analysis by the Migration, Remittances and Development Program at the Inter-American Dialogue offers a glimpse of the potential impact of the Coronavirus Disease 2019 (COVID-19) pandemic on US immigrants and family remittances.
This report presents the annual trends of family remittances to Latin America and the Caribbean in 2019. Overall, we find a continued but slowed growth in the flow of funds.
Governor Cuomo, updated the Executive Order noting that only essential businesses can remain open. His original Executive Order ( 202.6) is attached, and we have highlighted the area that defines our services as essential under “banks and related financial services”.
FinCEN Encourages Financial Institutions to Communicate Concerns Related to COVID-19 and to Remain Alert to Related Illicit Financial Activity On March 13, 2020, President Trump declared a National Emergency in response to COVID-19.
The MSBA welcomes a new Member: Scott Bond Services
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San Francisco - The Conference of State Bank Supervisors (CSBS) announced the rollout of the State Examination System (SES) nationwide today. The SES is the first national platform to bring both regulators and companies together for transparency and collaboration.
The MSBA submitted a comment letter to the CSBS in response to the proposal to modernize state regulation of non-banks through a model money services business law.
Read MoreCSBS released an accountability report as part of CSBC VIsion 2020, working toward a networked system of nonback licensing and supervision.
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The GAO publicly released their study Bank Secrecy Act: Agencies and Financial Institutions Share Information but Metrics and Feedback Not Regularly Provided.
Read MoreThe MSBA welcomes a new Member: North American Money Order Company
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The MSBA is excited to welcome its newest Member: Ripple
Read MoreThe purpose of this statement is to make public the FDIC’s internal policies for situations in which the FDIC recommends that a financial institution terminate a customer’s deposit account, and to reiterate outstanding public guidance to financial institutions about providing banking services and carrying out Bank Secrecy Act obligations.
Read MoreNew FinCEN Guidance Affirms Its Longstanding Regulatory Framework for Virtual Currencies and a New FinCEN Advisory Warns of Threats Posed by Virtual Currency Misuse
Read MoreThe Conference of State Bank Supervisors (CSBS) has developed, Reengineering Nonbank Supervision, a paper a stakeholder awareness document...
Read MoreJune 16th is International Day of Family Remittances (IDFR). We join together to help reach the ultimate goal of making migration for future generations more of a choice than a necessity.
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The MSBA welcomes a new Member: MEMO Financial Services, Inc
Read MoreFamily remittances are an important financial flow and a critical source of support for many households in the region.
Read MoreA group of state regulators Thursday agreed to 14 recommendations, developed by the fintech industry, that are geared at streamlining state-by-state licensing and supervision process.
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The MSBA welcomes a new Member: Associated Foreign Exchange, AFEX
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The MSBA welcomes a new Member: Fidelity Express
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The Money Services Business Association, Inc. (MSBA), a US-based trade association for the non-bank money services industry, has elected four new Board Members for the 2019 – 2021 term.
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The MSBA welcomes a new Member: Stinson Leonard, LLP.
Read MoreThe survey provides estimates of the proportion of U.S. households that do not have an account at an insured institution, and the proportion that has an account but obtained (nonbank) alternative financial services in the past 12 months.
Read MoreThe MSBA welcomes a new Member: Compliance Matters.
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The MSBA is excited to welcome its newest Member: David Landsman Consulting, LLC AML Services.
Read MoreThe Money Services Business Association (MSBA), a trade association focusing on the non-bank money services industry, announced today it has integrated into its operation the services and capabilities of the National Money Transmitters Association (NMTA)
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The MSBA welcomes its newest Member: Dahabshil, Inc.
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Congratulations to WorldRemit on being one of the first global fintechs to achieve licenses in all 50 states
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Many FinTechs have benefited from government-established regulatory sandboxes in diverse jurisdictions such as Australia, the UK and Singapore. However, the U.S. has been noticeably slow to adapt these innovation-friendly programs. That is now changing.
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The MSBA is proud to share its newest Member: Alston & Bird Law Firm
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The MSBA is proud to announce its newest Member: Global Fidelity Corp.
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The MSBA welcomes its newest Member: InterCambio Express.
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We're proud to share our newest Member: Casa de Cambio Texas Money Exchange.
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MSBA is proud to announce our new member: Baird Holm LLP.
Read MoreMSBA applauds the work of the CSBS in speaking on the effects that De-risking has on MSB’s and the harm it does to consumers.
Read MoreDon't miss this analysis prepared by Manuel Orozco. The Inter-American Dialogue is a critical resource for publishing remittance data.
Read MoreNicole Meisner, an associate at Jaffe Raitt Heuer & Weiss, P.C., has been named one of the Electronic Transaction Association’s (ETA) 2018 Young Payments Professionals (YPP) Scholars.
Read MoreThis letter is submitted to the NMLS Working Group and the State Regulatory Registry LLC on behalf of the Money Services Business Association (“MSBA”) in response to a request for comment issued on October 5, 2015.
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